Crude Oil Futures: Upside appears capped

Open interest in crude oil futures markets extended the choppy activity and rose marginally by just 44 contracts on Thursday in light of advanced data from CME Group. Volume followed suit and went up by around 95.1K contracts.

WTI: Gains seem limited around $28.00

Prices of the WTI lost some momentum in the last couple of sessions amidst the erratic performance in both open interest and volume, leaving the outlook somewhat mixed for the time being. That said, the barrel of WTI is expected to meet strong hurdle in the $28.00 neighbourhood in the short-term horizon.

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